Banks and transfers in Australia
Without an Australian bank account they cannot pay you. It's one of the first things to sort out upon arrival, and also one of the easiest if you get it half done before leaving home.
Here is how to open it, how to send yourself money without fees eating half your salary, and the most costly mistakes during the first few days.
Open your account before traveling
As soon as you have a permanent home, change your address at the bank. It is where your notifications and documentation will be sent, and many people forget and then receive nothing.
Send your money without losing on fees
A transfer from your home bank to your Australian account usually ends up being expensive: issuing fees, receiving fees, and, above all, an exchange rate much worse than the real one. On a large transfer, like the one for the first month, that amounts to hundreds of euros.
First transfer free
Wise
Transfers at the real exchange rate, with minimal and transparent fees: you see exactly what you pay and what arrives before confirming. Entering from the link on this page, your first transfer is free of charge.
- Real exchange rate, without the markup applied by banks
- Cost visible before confirming the transaction
- Fast transfers, many in a matter of hours
- Multi-currency account to hold euros and Australian dollars at the same time
Before sending a large amount, make a small test transfer. You will verify that your Australian account details are correct and how long it actually takes to arrive.
Mistakes that cost dearly in the early days
Do not withdraw cash with your home card
Withdrawing cash from an Australian ATM using your Spanish or Latin American card incurs double fees: one from your bank and one from the ATM. It is the most expensive way to get dollars.
If you have to use it, pay by card
As long as you don't have the account active, paying directly with a card is usually much better than withdrawing cash. Check with your bank before traveling to see what fees they apply abroad.
Always refuse to pay in your home currency
When the card reader or the ATM asks if you want to pay in euros instead of Australian dollars, say no. It sounds like a favor and it is the opposite: they apply their own exchange rate, which is always worse. Always choose Australian dollars.
Notify your bank that you are traveling
A first use of the card on the other side of the world triggers the anti-fraud systems. They can block it right when you need it most, just after landing.
Other banks in Australia
Commonwealth is the one we work with, but it's not the only one. So you have the full picture:
- NAB. It charges no maintenance fee, not even with a tourist or student visa. A good ATM network and presence in New Zealand as well.
- Westpac. Australia's oldest bank, founded in 1817, and one of New Zealand's largest.
- ANZ. Complete the big four group, with nationwide coverage.
All four work well. If you decide on another one, check the maintenance fees, as some charge them after the first year.
Frequently asked questions
Can I open the account before arriving in Australia?
Yes. Commonwealth allows you to apply for it online from your country. Upon arrival, you just have to visit a branch with your passport to activate it, and from that moment on you can operate normally.
What do I need to open a bank account in Australia?
The passport and an address in Australia. At first, your temporary accommodation's address might work, but update it as soon as you have a permanent home.
What is the cheapest way to send money to Australia?
Specialized transfer services like Wise apply the real exchange rate and fees much lower than those of a traditional bank. In large amounts, the difference is considerable.
How do I close my account when I return home?
You can do it from abroad, without needing to return. Commonwealth has a specific procedure for that. Before closing it, make sure you have received your last paycheck and recovered your superannuation.
Are you leaving already? Here you go how to close your account from abroad.
This page includes affiliate links for Commonwealth Bank and Wise. If you sign up through them, we may receive a commission at no additional cost to you. We only recommend services we use and advise to our own students.